The Economist Group this week reported record profits for the fiscal year ended March 31.
The London-based company, which publishes its namesake magazine, reported approximately $92 million in operating profit, up 26 percent over the previous 12-month period. Revenue was up 17 percent to roughly $514.2 million.
According to CEO Andrew Rashbass, the company continues to deliver value to its clients despite the down economy. “These results demonstrate that great brands delivering real value to readers and advertisers thrive even when the economic cycle turns and when the structure of the industry is evolving in the way information and advertising are consumed and delivered,” he said.
The group reportedly has cut as many as 130 positions, reducing its global workforce to 1,100.
The Economist’s worldwide circulation grew 6.4 percent during the period to 1,390,780, the company said. Ad revenue at Economist.com was up 29 percent while page views were up 53 percent.
When contacted by FOLIO:, an Economist Group spokesperson denied the report, calling it “speculation.”